by Guy Fraser-Sampson
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Product Description
Guy Fraser-Sampson draws upon twenty years' private equity experience to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as "what is private equity?" and progresses to detailed analysis of venture and buyout returns. It also unveils a totally new concept which looks set to revolutionise thinking in the industry: Total Return investing. Often unfairly reviled, and frequently misunderstood, private equity differs from all other asset classes in various important respects, not least in the nature and timing of its returns, which require a whole new approach for those reared on more traditional investments such as bonds and shares. This book shows how a good grasp of the basic structure of private equity vehicles and returns (including the dreaded J-curve) can lead to full understanding of the techniques needed to measure and analyse performance. Key points include: - A glossary of private equity terms
- Venture funds and transactions
- Buyout funds and transactions
- Understanding private equity returns
- Analysis of historic returns
- How to plan a fund investment programme
- How to conduct effective due diligence
- Total Return investing
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Average Customer Review:
0 of 0 people found the following review helpful:
Useful Overview of Private Equity for the Uninitiated, 2010-02-09
This book was well organized, easy to follow and written by a knowledgeable author. It lays out the basics of what private equity is (venture & buyout considered separately), how returns are generated (at a very high level of detail), historical return analysis of PE, and a very brief overview of how to set up an investment program as an LP.
As someone who works in finance, I find it very hard to believe that someone who is a professional money manager (e.g. LP) would need a book like this - yet that is the supposed target audience to which the book is addressed. If there truly are LPs out there who have never invested in PE before (nor have their employers or co-workers for that matter), this book would still be of no use because there isn't enough information in the book to spell out exactly how to construct an investment strategy step by step. Yet if you do have any prior exposure to PE the book is interesting, logical, but disappointingly basic. I am surprised how little info was packed into 250 pages.
This book is probably a great intro for people who don't already work in finance, or a quick (disappointing?) read for those who do.
0 of 0 people found the following review helpful:
 Well worth the money....., 2009-05-24
This is a very good read for students and practitioners. It is easy to read, well laid out and a very useful reference document that you will consult regularly.
1 of 1 people found the following review helpful:
 A Decent book - Does the job, 2008-11-18
This book does a competent job of giving an overview of private equity sufficient for the stated purpose of helping investors understand where it might fit in a portfolio of investments. The book won't prepare you to start your own private equity fund, but it will prepare you to fend-off investment advisors that want to push an unsuitable investment into your portfolio. The writing style is a bit "British" - wordy by American usage standards - but it's their language, isn't it? That being said, the book overall is concise and mercifully short.
0 of 1 people found the following review helpful:
the Insider's Guide to Private Equity, 2007-11-26
The author shares many lessons learnt over 20 years in the PE business.
Would be very helpful to many, including PE investors looking to avoid investing in PE funds that will not make them money (most, unfortunately, after fees) and PE funds that make many of the mistakes the author so clearly explains.
Ken Fagan
traducteur private equity
www.privateequitytrad.com
11 of 12 people found the following review helpful:
 Disappointing & frustrating, 2007-11-05
First of all, I have to say that I am not a specialist of the Private Equity world, but I read regularly about the topic and I have a strategy and finance background which helps understanding these things. Reading the previous reviews of the book, I wonder if we have read the same book. I was actually excited at the prospect of reading this overview of both the PE and VC worlds in a single volume. But my expectations were diminishing as I was painfully going through the pages, and I finally stopped reading, frustrated and not having learned much, before the end of the PE part of this quite expensive little book. Anyhow, I would like to start with a positive note and say that the book is well organized with clear and logical chapters for both the PE and VC parts. But that's it! My first frustration was that there was not a single case study to make things a bit more lively, not even a history of key deals, which is a bit strange for such a book and such an industry rich in storied deals and personalities. Also very frustrating is that there is quasi no calculations showing how value is created through deals and various financing structures. It was like an action movie with a lot of talk and no action! Another surprise was the poor treatment on the part dedicated to debt and its use in PE deals: a couple of pages at best. Debt, and the financial engineering that goes with it, is one of the key value levers in PE deals so how can this be almost skipped like that? Apparently the author had previously written a book on PE funds. Beyond the constant "read/refer to my previous book", which was a bit annoying, there was often confusion as to what the author was talking about: funds or deals? The style of the author was also introducing noise in the loop: sometimes very personal ("I" this, "I" that) and sometimes pseudo academic. And even though this was supposed to be an overview, the author repeatedly feels the need to tell everyone his personal point of view over long pages on extremely technical and/or vague aspects of PE (supposedly trying to show some thought leadership) that don't help the reader at all. Other issues in the book include the lack/poor treatement of how PE fits in the economic landscape, or how the fund raising and deal making processes work and who are the various stakeholders. All in all, this book was a disappointing and frustrating experience, which was magnified by its rather expensive cost. Its only advantage is that it has almost no competition in terms of providing an overview of the PE and VC worlds, which is a bit strange for such a talked-about industry.
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